Turkish Markets Slump as Bets on Return to Orthodoxy Unravel

Stocks and bonds slump, state banks said to support lira
Erdogan will face opposition rival in run-off ballot on May 28

WATCH: The political fate of Erdogan hangs in the balance as he looks headed for a runoff election. Simin Demokan reports.Source: Bloomberg

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By Tugce Ozsoy, Kerim Karakaya, and Netty Idayu Ismail

May 14, 2023 at 10:51 PM UTC

Updated on

May 15, 2023 at 9:30 PM UTC

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Turkey’s markets slid as the nation heads for a runoff election, with stronger-than-expected support for President Recep Tayyip Erdogan wrong footing investors who were betting on a quick end to his unconventional economic policies.